IMC provides engineering and manufacturing solutions to clients across the world. The group comprises 13 firms which together supply a range of precision carbide metalworking tools.

The sale is part of L&T’s strategy to exit non-core businesses. In 2016, L&T sold its general insurance business to HDFC Ergo for $82 million. According to a previous report by The Economic Times, the engineering major was in talks with Swedish-Swiss multinational ABB to sell its electrical and automation division.